April 21, 2015
Congratulations to DC Housing Enterprises, Four Points LLC and CRM, LLC on being selected as a semi-finalist in the Creative Finance Category for the NDC Academy Awards 2015. The NDC Academy Awards Semi-Finalists represent some of the most innovative and impactful developments changing the lives for residents in underserved communities across the country, NDC is honored to highlight the achievements of these organizations at the NDC Academy 2015.
Progression Place – Washington, DC
The Four Points, LLC developed Progression Place a new Headquarter for the United Negro College Fund (UNCF) on six (6) vacant lots containing approximately 1.17 acres, at the Northeast corner of 7th and S Streets, NW. The project site is located directly above the Shaw- Howard University Metrorail Stop and located minutes away from Howard University. The project comprises of: a mixed-use, transit-oriented development with approximately 103,083 GSF of office space; 24,343 GSF storefront retail; 205 apartments; and a 194-space, below-grade parking structure. UNCF will own and occupy a 50,000 square foot space in the project’s office component, which space would serve as their headquarters, and a retail space in which UNCF would operate the UNCF College of Knowledge Center, a resource center for local residents and visitors of the District.
Among the project’s proposed community benefits, the storefront retail includes leased space to local tenants, and 51 apartment units that would be reserved for families with incomes equal to 30%-120% AMI. In addition, the 194-space, below-grade garage which satisfies the parking requirements for this project, as well as the redeveloped Howard Theatre which occupies the same square block.
Progression Place plays a key role in linking this section of the city to the newly developed and revitalized 14th Street and U street corridor. This project capitalizes on the unique qualities of the Shaw/Ledroit Park Historic District, which includes the Howard Theatre and many other historic sites. The financing structure includes, NMTCs, HUD FHA Mortgage Insurance, Housing Production Trust Fund, Commercial loan and grant funding from the Office of the Deputy Mayor for Planning.